ENV - Earnings call transcript Q3 2021

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Operator

Greetings. Welcome to the Envestnet Third Quarter 2021 Earnings Conference Call. [Operator Instructions]. Please note, this conference is being recorded. I will now turn the conference over to your host, Brian Shipman, Head of Investor Relations.

begin. may You

Brian Shipman

good XXXX and Welcome Envestnet's to Thank Call. afternoon, Quarter Earnings Third you, everyone.

Before like Form for be begin, of being release, website. found we webcast I'd our the X our supplemental earnings that under a This . presentation month press website our live, at on and call Relations and available associated Investor X-K envestnet.com. be to can section point is out will replay

not certain the our of a we material is be information, During we commentary update subsequent guarantee discussing performance to forward-looking are call, reflect nor developments. future which will obligated to

Before regular Slides you X encourage filings. SEC we be disclosures. to on for X cautionary can our customary statement results, discuss and our Further our review in I information the found

in to most GAAP directly Relations Envestnet our presentation the please a for to posted of comparable website. the In addition, also non-GAAP the refer to is our slide measures Investor which appendix measures, reconciliation

are as questions. Crager, third Chief Instructions]. will results. an Bill Joining prepared With Bill. XXXX me Chief the a the Bill will our Officer. of now the we the Envestnet's open overview and I'll remarks, as on After update Executive to company Pete and to provide Financial turn Pete quarter company's D'Arrigo, well call call company's today's that, Officer; [Operator call over

William Crager

XX% the and for Envestnet strong achieved quarter growth today. XX% you, joining Thank you, And for everyone, thank Brian. adjusted revenue of year-to-date.

year new guidance improved Our the an for XXXX. reflects outlook full

my about more opening Pete our comments. hear results following You'll from

There excitement in company advice intelligent that inside doing our wellness as about enables future Our what and we and of is vision life. we're commitment create ecosystem continues an marketplace. strategy possible financial makes the financial to the and the the

innovation. driving are We

are threading we technology We do. everything into

our our data and are incredible elevate clients partners. insights to We using to

are continuing of to to our add marketplace industry-leading solutions. We

of other paving from our fully way for provider Envestnet as that future is connected, the see the hyperpersonalized architecture, every partner is a industry. differentiated You open

trillion We strategy clients. absolutely road and our more a by, steps map, addressable already leader XXX is are our and but you revenue capturing we over solutions fintech deepening We're XXX,XXX market. it with outlined with to growth resonating our higher offering by growth the deliver platform and executing can consistently with relationships shared firms. first, $X.X of better accelerate a the of roster and financial assets, our previously than more in new and our on We growing market to advisers

digital Envestnet to vitalize cloud-based and opportunities establishing and growth. to user firms the expand modernizing to experience improve we're the driver are There continue marketplace. our and will more API-driven connections platform. continues ecosystem. create This of as open engagement more platform And innovate environment. Secondly, and meaningful new to our the finally, enhancements our developers more implement revenue for

saw quarter, our our business. past in a increase is also accelerate across Envestnet data that an number the both wealth on compelling Over trends participants our of we business progress. and capitalizing

boomers to is demand board. baby automation is all Gen start generations, all Z. the Let's ages, absolutely this And that increasing technology with for and from across

open most the leverages trend need will and banking. Open Another banking important financial Every clients solutions. advantage an the technology to banking. our open powers very is global do accelerating capabilities has and consumers. advanced fintech institution functionality consumer that open This with compete and services their for deliver personalized We banking highly to in believe Yodlee to future. for

managed even benefit to fee-based continue accounts. growth and also advice of of faster growth We the from the

the outpacing industry. We are

clearly, in meaningful We're XXX incredibly and impact indexing, interest personalized data seeing like organic years, year also Over the valuable. a direct last Envestnet's investing assembled X a services. growth every rate set. a exceeded data approximately basis trend, Last each the Envestnet has growth managed industry services and AUM/A heightened significant is of account has points. like by tax

a which Envestnet, them. strategically intelligence, and also well substantial solutions quarter. positioned and to assets we advantage an unique are insight our XXX,XXX trends now for data in $XXX last have take bring trillion actionable that billion We built advantage assets We have and of a opportunity advisers, the These $X.X for increase create of across is remarkable company. in over

from AUA see to continue We assets moving to AUM.

see to accelerate. opening new continue account also We

the We've quarter, We added are new every financial institutions accounts than million large helped of XX,XXX serve. more reach that accounts new a XX.X us also total which week. now opening has we several over

for today. me Advisers index just offering These services important, and year-over-year, on our portfolios, and our year-over-year. areas and using focus like In are addition, let drivers spotlight investing services, also investing. our solutions. they by serving strategies, adviser the are per more accounts sustainable on grew here. and that their have platform our leading clients direct which super growth We're are are like number more increasing X% clients ESG of management technology average There's also of showing personalized our tax and XX% the grown impact in

data embed prospects. are to additional promising, of of also are like exciting, more clients promising with time June effort. These consumers. our X, There deeply for offering. overlay we engage this our We with investing accounts progress new advisers use using and for new have firms to emerging XX up internally capabilities would includes activities a their since our several services. specifically advisers overlay our rich generated millions enterprises making to are the tax tax enabled that advisers large are bevy services hundred tax opens identify are new several our This millions from as tax that and first using overlay benefit access and our

better a in tool feedback working customer-focused Envestnet, we taking to September, even exciting financial positive. way piloted technology clients of to with technology enabling to proposal overwhelmingly and connect best market. The developments advisers solution. entirety over serve many approach of their investing result with of leading In our next-generation to them the been ours. our XXX making lives. are the of We are clients' an design There has The their

technology powered an is announced tools the we of Envestnet's fixed integrated cutting-edge offers partnership of complements fintech by Insurance steps by into income to advisers, with capabilities combining the efficient the protection We exchange a that And that Envestnet assembling we partnership other continue This income solutions helping We our important solutions. and of and taking, a really portfolios. to and expand more them industry-leading data. leading provide, recently build Exchange industry's we the are Insurance and marketplace are set

which served. individuals. momentum There enables need essential Insurance in solutions recently Exchange efforts in an as retiring is end-to-end are the the the to surpassed that comprehensive for for our most advisers real insurance offer We centralized creating and source billion protection, assets income Envestnet $X is

noticed response the clients with Vested. in tagline how increase We digital and has it. past You new significant, The Envestnet of and quarter. may advice in our launched the this validating how been a Fully recently campaign initial future with aimed media a have with they powering a industry see traffic, Envestnet at tenfold our alignment our is

are setting for brand solutions We and we creating offerings. our familiarity with offer, of future the stage the growing awareness

the at very a this beginning stated quarter. I had strong As call, Envestnet of

business, we with for some your you road more be that. take map, We our results. on we is I comments back strong financial of going questions to delivering are now. will all are detail our closing progress strategic Peter have and executing and areas following in made provide

Peter D'Arrigo

Thank our for review provide year. quarter you, third Bill. on full our Today, quarter and fourth then guidance I'm results for an going the to and the update guidance revised

strength demonstrate our to third in quarter the results continue Our model. business

the We quarter. quarter investment cash down expect last the reflecting share quarter, the EBITDA months to the expectations XXXX, fourth momentum in through ended to of million our third $X.XX. was third approximately Adjusted X time, carry million and $XXX September revenues million for Quickly sheet. the X% compared initiatives. per on earnings same debt of quarter the of $XX for million. the XX% the was with at of Adjusted $XXX grew compared our balance We year $XXX to impact year. the outpacing and from the to to quarter of Adjusted first third the

Our net EBITDA. end leverage X.Xx ratio September at of the was

the the Turning to want expectations our set initiatives. earlier to year. reiterate in we've investment I forth

account operating this the roughly expense year. expect to to of for continue We $XX million investments

good hiring our results making which impact is quarter reflected our the on are third in of front, We progress guidance. the and updated

up We step expect to of quarter. in the fourth the the investments impact

and We million $XX grow continue rate annualize expect base the to the in at XXXX, to thereafter. operating they should approximately to point expenses investments rate same accelerated our in of a expense our of which be completely at run

more clients value our faster expect a over Additionally, sustainable, proposition expands revenue ecosystem, create as organic we existing term market. streamlined the we total addressable longer continue and better, elevates our which growth to to

and full quarter fourth Now outlook. turning our to year

earnings XX% You summarize, can between quarter, in between million, and XX% in up to the we investments, and EPS the million quarter compared and the for $XXX find $XX EBITDA be supplement. be $XXX release to be Adjusted ramp the to to to complete million our and further expect But we of to earnings fourth million guidance adjusted up $XX as XXXX. $X.XX. revenues the fourth

X reflect year, the the full fourth outlook for outlook our the first year the we again of months For the improved raising strength and to are quarter. of

$X.XX, around the million, to be of full up outlook revenues initial in fourth of representing midpoint highlight year for and XXXX. our of higher to between the than guidance our some EPS some of year, when the of adjusted compared our be X%. expectation expect about which billion, revenue for to XX% the and full original detail $X.XXX EBITDA for between million approximately to back billion $X.XXX the $X.XX to the We February. year, $XXX.X EBITDA X% Adding be be down growth is drivers. Adjusted the was $XXX.X for midpoint quarter

wealth management X double X of excluding in first the our quarters into the highest to First, valuations, year-to-date, our nearly last well significant were history, base from quarters assets capital flows has from business adding first performed conversions the under favorable net and growth. our revenue Further, asset the the flows in market year benefited year. our forecasted administration,

around and grown months revenue subscription Data year. of same last the first Second, our has period compared the year Analytics X in the X% to segment

We expect this revenue quarter. business the improving growth see fourth in to

identified, of capture longer-term positioning $X that, on we've back benefit margin it we're your of and the With the As our EBITDA you range for making I'll revenue Bill the of XX% we his to the expanding coming years billion attain remarks. strategy support in execute will targets from by XXXX. us continue in our now, to Thank to opportunities for adjusted Envestnet. we into turn more and investments closing

William Crager

Pete. you, Thank

has and the our technology, that a establish scale, team are team asset of as intend clients. intelligent our individuals position, to by needs needs into our Envestnet leaned that are and our doing the the our to understand year-to-date another work connects Envestnet industry have, the Our leveraging and the year results dedicated our into close strong, capitalizing ecosystem deeply incredible to of of mission This we out has we technology Envestnet's enable this market who momentum data, life. and solutions we financial the on people. and leaned

leader, that to As our we clients drive want. the transformations continue digital and the industry innovate

strategy remains Our clear.

our market We and with will opportunity capture more solutions. of the addressable data

making. modernizing the every We a accelerate Envestnet partner differentiated open the we for engagement from connected, fully opening that is to is up as industry. and our provider the other hyper-personalized the I'm our Envestnet very are of growth. pleased future digital are way with future paving architecture, platform marketplace, progress is

will of continue our support every will each company's for and greater and We create your Thank for one of you stakeholders. execute value to Envestnet. we

We it questions. up will to open your now

Operator

Securities. question line from [Operator first the with Instructions]. comes JMP Devin of our And Ryan

Devin Ryan

those. we penetration question as at you just highlighted, there's the in in the the of bit first direct dig connected have that advisers guess, a of indexing where to here, Even overlying to advisers solutions still utilizing seeing you're kind a around advisers tremendous in the presentation impact using that a uptake number over maybe XX,XXX It want I XXX,XXX Envestnet. you're is momentum I slide little the of you overall are if meaningful so seems assume some multiple of counting. double

today? I'm percentage traction bigger with that that of go the XXX,XXX, solutions So should overall think more where then get just these time, as potential term, over to just picture and how I could we the trying you guess, think longer penetration have what to And access about

William Crager

additional services from standpoint, enhancing about portfolios, assets of a in Devin, and And great -- about investing. portfolios those are of growth and they you, impact They question. overlay. in billion tax back are, we're a are index-type took for These and looked today, they like are Thank individuals. creating you absolutely step the personalized $XX ESG portfolios at if services. these the our trend with serving you industry, performance areas And

And ultimately which, assets, so a Envestnet. as this but what believe for we're be drop in the presents opportunity substantial, serving will $XX bucket think, I billion I for is in an

instance, significant Over this the would XX on is very Those to brand tax names -- last Two we overlay of our quarter, introduced are familiar solution our for be very we introduced call enterprises. those with. new tax everybody that firms.

growing asset the engaged see are of to more number really in is And we growing advisers. and to are the So and uptake of that, solutions you'll from these these more then distribution elevate. The quarter-over-quarter. availability solutions continue from advisers the growth who

want again, you Devin, if of to solutions going the addressable the tremendous in because we're take think capabilities making are days Envestnet's to have here. then the next step they're trillion to we to position in progress, the market be and a going the and for in over back, early arena you And it's $X.X and So grow quarters. asset debt rapidly management have opportunities they grow to

Devin Ryan

you follow-up real guidance quick for I the as Great Pete. give. here always color. Terrific. A appreciate

organic that kind it's the I baked the assumptions X% also there's there any up the little I are know but scientific, that it just into on the for quarter, a all quarter-to-date, based of Is are is bit Or lot For a in mean, fourth XXX. guide? S&P of markets trends? here. some

Peter D'Arrigo

side is revenue to asset-based going The main of XX September No, the there's driver asset guide. values. the be of the in nothing

holds. far So assuming quarter-to-date hit impact if holds, it so -- it the market But I'm of potentially is would impact more holds, not going and the forecast QX. will it it to impact that

Devin Ryan

Right, guidance... not guys that's but impact not in higher portion small you technically, exactly. tend that's But that XQ, I to not could as markets guess, guess there's that the in you're saying still of -- include guide, I the a

Peter D'Arrigo

It's not this and presentation included from time. difference usual -- no our typically not included

Devin Ryan

Yes.

Okay. Terrific.

Just wanted sure. to make

Operator

comes UBS. next Our with Kramm line the from Alex question of

Alexander Kramm

question the total at Devin's solutions you on end more them last to technical little give I asset-based but didn't numbers, Follow-up think of maybe, quarter, but bit the gave you slide. A the March.

your compare XX,XXX, from went presentations, XXX,XXX. of number to So advisers if I the from accounts number the went of XX,XXX XX,XXX to

be big not number a that's sure advisers, step because that So but just in accounts. want apples-to-apples seems to make a to of up, very only in

you're differently just it's you're And think elsewhere? now? maybe XX I if right then wondering assets, on now what's So be counting the something supposed in related you're what premium billion capturing the pricing to to because that capturing

William Crager

Yes. Alex. Thanks,

So it format no in quarter. first after data is the presented the mean, change. as that I was same there's

is no there So change.

these programs. conversion We continue in that and assets find have to to solutions, business significant their continue add will to solution. into of type these ranges per find momentum way continue It

on Overlay basis behalf is -- portfolio roughly customizing and portfolio we're XX overlay index the XX XX points. what will is impact basis depending the points, index the of is then to also overlay our tax direct So be on basis and points XX client.

Alexander Kramm

don't a number So somewhere points, in for of XX blended I you excess quarter? basis have blended the guess,

William Crager

We that haven't number, blended no.

Alexander Kramm

supposed where just or then And -- is so $XX one. a expense the missed XX think, it. rate if still said don't year? that's year, quick run the I know to of But ramp, to now I I end you catching next on right million Okay. by the the go

Peter D'Arrigo

Yes.

on So on into And what range. the $XX the million next in million ramping -- of And that's expenses more quarter to between if $XX again, the here, $XX should north million wouldn't as we're there quarter go year. it range -- spend, then XX bring of adjusted our first about cash year. individuals the our we this affect next it's the operating for difference --

kind XX this the engineering of year quarter software, would of XX expense XX. if So around as as where operating and so I of range, part next that right is that gets XX, to the salaries actual somewhere we is forecasted the . internally are it, with XX that that you again, to again, capitalized some piece, in expect the folks developed

William Crager

So be beginning of next and will on run XX million. will we year. Alex, spend that The we in I to rate that a XX set believe $XX expectation that we'll year, this year, the the between for and

it's driving efforts about in driving note function market platform. important marketplace, more we're I It's progress and the going we're into only are for a that the to think our and the around Envestnet. how visibility accelerating investments our to our product ability step not are and key more capabilities deliver personalization how here raising to and how the but enhanced also our personalization to with

assets, able So they're technology not trillion valuations and providing that's in, but making families market it the can data index end way advisers with overlay while every in for very to individualized in We're our on the solutions we we're consumers way. the be side are business, through then and which in is individuals on and we that Again, you at in engage or XX million by our serve And business. direct suggestions if and around progress, tax doing that we're areas recommendations a account doing $X.X generating also all in year-end, about M&A unique technology. look serve we're or of only will platforms, personalization. platform. it's leaned those firms material impact the And

that to fully. are our and investments ability accelerating do more So distribute the that

Operator

Jefferies. the line Our of next comes question from with Thind Surinder

Surinder Thind

kind that kind couple of see that you there? starting down of about point? also the they've to color here a part are versus of Or provide the Is following years on can step in guys on you some at this the Any transformation down how of up typically for expenses. think you we're the been have. trend costs it noticed last I material was should a I thought to start we -- some restructuring this what where guys a of journey? of question

Peter D'Arrigo

line area it kind that it's we didn't had as in We prior just have the quarter of onetime restructuring activity as as of much base. Again, activity in and we is about Yes. have think the and more reason nonrecurring or that sort quarters. unpredictable last one-off

William Crager

of to And standpoint. seeing an data also a to from is company that standpoint. together Surinder, work lot from bring technology we've organizationally, parts We've you're a I what it done We're the a standpoint, the done doing think integrate of that organizational Envestnet. from

redundancies As some just part be that. we the the we're parts the of the to The organization We're and way into together. of to eliminated to way we areas talent that, and growth. push to is able organization -- aligned the include through be, it now path want in the bring organization adding

Surinder Thind

the helpful. guys talk AUM/A a Can to about as That's organically growth and really Can advisers And about adding little the new growth there advisers maybe assets you was adding those trends you segment. really a percentage in talk X a follow-on, of that came you existing platform. some large nice from strong versus perhaps at bit?

William Crager

Absolutely, Surinder. lots those of an is excellent combination We had We've a quarter, -- It's it of both. activity. things.

number here. with tax for well. efforts new I how indexing bullet points. seeing that introducing cited the that play XX a of kind to clients large couple of our firms as direct of that suite and the You're going and solutions of adopted overlay. have Envestnet full We've we're One more had more two impact existing offers. A deeper firms is out

-- our strategies seeing and investment also in our You're begin fiduciary primarily the UMA solutions, portfolio. strategy clients adopt to RIA

So bit. or quite product our infrastructure utilizing fiduciary a they're

also accounts brought working We type large financial conversions, have number been very RIA conversion who of firms, also and on, and clients seen the smaller assets but onto have good a platform. institution we've that activity

we think solid solutions, at So The highlighted footprint and market very in engaging more of look kind when deeper important I distribution the space of look penetration creates again, from as also just way more the and shelf for that and a these we're we for going that more some case or a in numbers to year. really great. quarter at it beginning standpoint. getting The important the is the note, focused of

Surinder Thind

the in acceleration on Congratulations organic growth.

William Crager

Thank appreciate Great. you, Surinder. that. I

Operator

D.A. Peter comes question the line of next Our with Heckmann Davidson. from

Peter Heckmann

about with can you're continue and I give making? up encouraging But upon you the you're opportunity investments in do get the if would some business the the the that? current update wondering, quarter. here was segment on the you to can think high not that its digits, based care fourth mid-teens of feeling timing about an ability data single growth you to how kind for to estimate to And that us of reaccelerate rate comments that

William Crager

to has that you're to several well. in Yes. Thank been encouraging. really that needed It's you. we the line. to going doing to we that that the we've headwinds market and been that positioned something way talking that about This were last were I business over we quarters. in way begin hope the you with address we and top restore knew the the grow

bring So the lot us was that to professional to revenue substantially, really leverage down part our that, that of so frictionless. Peter. into went cost And services became a

that with And or big a the make that a encouraged see X recognizing them a second restoration our the activity continue but help we're We revenue as growth ambition has believe was that on institution global power the provider distribution international very financial one service and our fintechs begin there. easy companies we're the U.S.-based theirs. into the at portal pretty internationally. seeing mix that the got we want moment, that big get is then activity business, and market beyond, become the the the that a significant our gain where and and of of developer lastly, 'XX accelerated it's not of to environment. analytics story we footprint more large we're in dynamic part The can FI business. to good developer significantly. more the will in We're seeing really also to And through activity up year Year-to-date, business, traction. to access is it to

flat. light in meaningful it's you look of for We're end were, high meaning we where at beyond, areas into as And beginning So and were transition beyond. from of the growth. We're I beginning digits variety think we see 'XX a single business. build at a to to that we the then get and tunnel

into In that You we're mid-teens the utilizing wellness type business. the the for meantime, growth the to back look at asset power restoration strategy.

So you people's they are daily today strategy. lives we and a and fire long-term to because connect more it's more advisers want where we where where full they want can have their understanding they to activity, to we powerful recommendations get go, financial of goals, of to. a partner become just And to a differentiated element by doing such that, competitively our and

work it. is progress the one of towards change a we to be, where to we're do. overall, So making more lot need of encouragement, but not we're tone

Peter Heckmann

good And then. as a related to hear. really That's then question,

those of insurance initiatives? to the early that are we on still credit we Just pretty the trickle exchanges, in and Or numbers? terms starting are see of through some

William Crager

is to really in too an to revenue more the meaningful. beginning the numbers activity early impact. It's become have said, That

So which the milestone. topped -- the of recently. let's We to start roughly exchange, with $X.X in $X billion over really assets weeks, last over quarter cleared last that the couple billion insurance

advisers XXx this grown underwritten the access so and to by doubling on in we've exchange advisers number size web have the and of -- of of year. far active is number that this insurance the grown -- We've by while doubling platform. year. We this We the the contracts Xx

more space, the doing, I of very on, of by advisers seeing we're who then in credit very also platform The client activity finding year. of this significant doing better The in also we're are So job has Xx turned very the multiples we're the a shelf was Xx. and the good kind grown that last a job activating similar And who exchange assets think, and is quarter grown lending not I'm meaningful. there a encouraged. exchange about is of much credit live by has on number only on the

quarters to for can't couple there. wait Peter. getting from A circle I of numbers now. those we're So you,

Peter Heckmann

I good. Very the forward Okay. look get update. to .

Operator

of comes Goldman Sachs. Our next question line with the from Bailey Ryan

Ryan Bailey

You pressures mentioned existing seen the wondering at potentially also and of inflationary new whether in that? all, progress to outside on in could seeing speak if I sort both impact like your hiring. bids you've was of on hiring or terms anything from you workforce any

Peter D'Arrigo

to mindful marketplace. Well, we're but I we're that. may Yes. taking want little and of are employee competitive. approach very we thought on a are the hiring And market, what's the that add to sure going And looking on Bill mean, proactive we're we retention. a in part to of make

William Crager

Yes. part Thanks, are of the market. Yes. We

all And I'd strong, the kind management is data of in, is So market technology what what are competitive hiring you we're if as about labor course, know. engineers. you individuals, And API areas think out say, modern particularly, areas. the of investment fiduciary Those operates modern asset or services individuals.

have prepared in We my comments. this highlighted also

organization deep talented here. incredibly an have also We

right the sure foremost, tremendous I regard And addressing of the that a with we XXXX kind standpoint. where in in make were to So XXXX done a job. numbers first are want shop. Because they're good And and the people we retention job. I we're think a we that from we've to year-over-year at and are doing look retention.

went people during the a signal. anywhere and I think up. COVID are that's good months now Nobody picking heads post-COVID, their

that. people doing attachment if we lives a So to from this, needle. We this benefit matters quite successful standpoint. We bit compensation to a at to job, enhance what because believe, mission make And we good to a and I people And we're are it and But working from job our support really is the has do a and -- good do standpoint. a is an really I the company help me moving are good financial a emotional note work. a is here money as importantly, we're from everyone do more powerful. that job

is And mission it, We're in communicating so so that we're we're important. mission fast. making our and delivering is progress. absolutely and imperative this that and investing moving living mission is key Then on I think,

progress map against We very are road exciting. that the making frankly is

and And that. we about and mission, that then hopefully to and purpose have, have up but we advantage about. a we're a we narrative, it. a it's card, with an culture, against well, we that fired and making is something that's get That's We lot that employees a proposition progress tell great can our I care So comp have you this have. recruit

Operator

Instructions]. [Operator

Our of Young Michael next from Securities. with line Truist question is the

Michael Young

you managing about know how to just high thinking talking just but Wanted the -- of ask about more next a business. lot level, I year, aren't kind guys you're

similar we kind as more year of of going accelerated driven the expectations progression Or upside? drop the of the next to road that's some kind as and some think you adoption. revenue you're that harder bottom of EBITDA so that sort that we move puts and have kind around should through to to line? outperform initiatives takes or kind to You've of mean to of by Just should got despite the Does EBITDA to market being over ahead of as that map think faster, Revenue press the we X. on and continue and manage through of of trying think volatility revenue you. going maybe

William Crager

to make. are and roll in And believe, are on to books, we're about. We going the we are on growth full The set modify feel time. expectation And the is a year that me, that they're with throughout we're that our making investments moving as that that provide change. expenses normalize to very needle, that that to we're making, focused the we'll next over We're believe not believe expectation going going on something we all. here, of but the focused progress expect think that Yes. it not we that confidence 'XX I set year, into at is and something to progress that we helps We make it's appropriate. accelerated growth very delivering is we in we we delivering the on it. the And good

to be investment we next there -- would the I year. intend So make to that no will modification

Michael Young

kind impact of the well trying adoption. sort And the the follow-up marketing do these helpful. Is Okay. think kind since and some feel just of indexing, direct of around then are go drivers quite performing qualitatively getting as key and That's kind should my advisers attention to rates? through the from products, here through new and on? it progress drivers are of is those just in of XXXX. those to maybe turning with you portfolios be overlay like solutions just And that growth kind supporting what understand of to, Or paying what trial are and where time companies we those question you

William Crager

question. it's great Yes, a

at scale. keep macro word it think hyper-personalized my -- the there, I used on prepared I right? the using are So solutions and I trends the in remarks,

have -- be So really very core to to positioned theme get around and needs. Data then each for that for. meets fiduciary solutions craft personalization we that, we their where those indexing, going really overlay deliver and because the areas can we're But a we're planning, every are that can people family, we direct other well solution and and a impact using looking recommend is a very well data. strategy family understands can the

ingredients. the are Those elements. the are those So

it do how market. you roll you Now out it, to how introduce the do

macro that a is there's then very offering what helping think impressive. we're us. is But I tailwind

it, capabilities, We've proven base their of would billion, they've we're doing that's how way startup. with enabled, campaign. are how remarks we're noted of asset a then have So the around technology an the not $XX this I lastly, prepared time. -- the been And shy marketing in just that team representing long for is And modernizing. is add what a I that our the we engaging then

vested where We're future. our fully our understanding step delivering delivering. that it's on But matter clients. aligned campaign solutions kind we're into them step Our focused also to of marketing helping the and types of moving clients, is an how in we're and with of so

tremendous marketing generated our has awareness. so effort And

these have thousands awareness and areas, around that more traffic the whether and what modernizing doing engagement marketing it's in the the sales And noted, asking for then individuals, of statistics of where and kind of is to the are is standpoint more there return XXx metrics impressive, really I capable lastly, beginning traffic there been information on I from a the think, in marketing Our particularly. force. what of but the grow other we're Envestnet

would we're I have the very getting They're with the road. but environment. out in that in advisers, what that visiting complementing back have So on past, a approach. supplementing typical field. we wholesaling your say the with or And people They're is you'd modern

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Operator

question-and-answer closing And I'll . reached the And over of Crager for we end have call Bill the session. turn to now the remarks.

William Crager

for I to without it. incredible Thank want and for you. thank progress here, just that thank energy it's questions. We're to very It and we have. behind I exciting, good for Thanks, investment and doesn't joining. tremendous all team you the also team. joining want making happen everybody, the today there's your

our and I conversation. everybody. call. to So ends thank look the next this you, again, forward Thank phone you

Operator

may this today's concludes your and you Thank lines conference, this for participation. you disconnect And your at time.

Envestnet (ENV) 9 Nov 212021 Q3 Earnings call transcript